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View Diary: Lucky to have a job (122 comments)

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  •  These words came to me this very evening ... (4+ / 0-)

    ... when debating the choices for a health coverage open enrollment period.  It seems more dizzying this year than ever before, and after an hour of conversation and the review of multiple Power Point slides, i'm no clearer on what will actually be the most cost effective option.  It's going up - question is how much?  And will the choice that costs the least end up costing the most if something horrible happens?  It's just a mess ...

    But yea ... lucky to have health care i guess.  Though i'd feel luckier if we could actually afford to use it for health care.

    •  I learned a trick for that (1+ / 0-)
      Recommended by:

      Take a look at your out of pocket expenses last year.  Include anything paid for with a Flexible Spending Account (FSA) or Health Savings Account (HSA).

      Next, figure out if you've got any big expenses coming up:  orthodontia, outpatient testing, elective surgery, chronic condition monitoring.

      ONLY if your out of pocket expenses are going to absolutely go over your deductible should you take the low deductible option.  Otherwise, you are putting money into the insurer's pocket that you will never recoup.  Take the high deductible option (since your expenses will never exceed EITHER deductible), and keep some money in your own pocket.

      Finally, get as much into the HSA as you can -- do all their little wellness things; they add up, they don't go away at the end of the year, and an HSA is PORTABLE if you lose your job.

      Never put more into your FSA than you think you'll need.  If you know you've got outpatient testing or orthodontia or something like that coming, put aside for that.  If you aren't sure, don't put it aside -- it's use it or lose it and you will really be annoyed with yourself if on December 31st you simply cannot figure out a way to spend out that last couple hundred dollars.  Better to have to pay it out of pocket, and not give the FSA provider any freebies.  That's how they make their money.

      "There isn't a way things should be. There's just what happens, and what we do." — Terry Pratchett (A Hat Full of Sky)

      by stormicats on Sun Dec 02, 2012 at 08:06:43 PM PST

      [ Parent ]

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